A foreclosure is what happens when a homeowner fails to pay the mortgage on their home, and thus forfeits their rights to the property.
But what happens if someone is interested in buying a home that has been foreclosed?
One of the main benefits to purchasing a foreclosed home is the savings. A foreclosed home can be bought for considerably less than what you would pay for similar homes that are non-foreclosed. Depending on the market and your research, choosing the right foreclosed home can be a huge investment.
Our buyer today was interested in finding a rentable investment property for their son near the area of Tsawwassen with a lot of approximately 10,000 square feet.
Upon finding the perfect property, we also learnt that it was a foreclosure home. Despite their eagerness to make an offer, we had to step in and convince them that it would be better to wait.
Similar to a bidding process, the first offer for foreclosure properties will be challenged by other buyers. But rather than a seller deciding which offer to take, it will be a court judge.
As his realtors, we kept an eye on the status of the property, made note of the court date, and observed the offers the property was getting.
In the end, we advised our client to prepare an offer that they wouldn’t regret losing out to, even if it was only a thousand dollars. When the time came we presented it to the court and successfully won him ownership of their perfect investment property.
Finding the perfect home might be easy, but with how intense the current market is, you need a realtor who knows how to navigate the hassle of real estate and make sure you get that dream home, no matter the circumstances.
Contact our team today and we’ll find you that right investment property, foreclosure or more.